IndusInd Bank sells over 70 lakh shares of McLeod Russel

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IndusInd Bank on Tuesday said it has sold more than 70 lakh shares, which it acquired through invocation of pledged shares, of tea manufacturing firm McLeod Russel. With this, the lender is not holding any shares of the tea company, the bank said in a regulatory filing.

The private sector lender on June 24 had acquired 70,67,500 equity shares of the Kolkata-based tea firm pursuant to invocation of pledged shares of the company. The bank on June 28, 2021 sold 70,67,500 equity shares of McLeod, IndusInd Bank said.

IndusInd Bank acquires over 70 lakh shares in Mcleod Russel

"The bank as on date does not hold any equity shares of McLeod," the bank said. Equity shares of the tea company, held by Ichamati Investments Ltd, were pledged with the bank for securing the outstanding dues of borrower Mcleod Russel India Ltd (MRIL). Ichamati Investments is one of the promoters of McLeod Russel.

Post the invocation of the pledged shares by IndusInd Bank, Ichamati's shareholding inIL stands at 9.63 per cent representing 1,00,56,710 equity shares of the tea company. IndusInd Bank stock closed at Rs 1,017.25 apiece on BSE, up by 0.98 per cent from previous close. McLeod Russel shares ended nearly 5 per cent up at Rs 36.85 apiece.